India's leading battery maker, Exide Industries Ltd has invested an additional Rs. 40 crore in its advanced battery manufacturing arm, Exide Energy Solutions Ltd through a rights issue.
The investment of Rs. 39,99,99,975 has been made by way of subscription in the equity share capital of EESL – a wholly owned subsidiary of Exide Industries, the company said in a regulatory filing.
Exide Industries noted that the company has made further investments to fund its greenfield projects and meet various funding requirements.
EESL was incorporated in March 2022 and is currently setting up a giga factory in Bengaluru to manufacture lithium-ion battery cells, modules, and packs for electric vehicle and stationary storage applications.
With the current investments, Exide Industries' shareholding in EESL remains unchanged at 100 percent, and the total investment in EESL now stands at Rs. 1,965 crore.
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